Question

DU
55,460, D55,940.)
Interest on Capital and Drawings, Interest on Loan and Transfer to Reserve
28. A and B are partners with capital of 30,000 and 10,000 respectively on 1st April, 2019. The
trading profit (before taking into account the provisions of deed) for the year ended 31st March
2020 was 12,000. Interest on capital is to be allowed at 6% per annum. B is entitled to a salary
of 3,000 p.a. The drawings of the partners were 3,000 and 2,000. The interest on
for A is 100 and for B 750. Assuming that A and B are equal partners, prepare the Profit &
Loss Appropriation Account as on 31st March, 2020. (The Capitals are fluctuating).
(Ans. Net Profit 6,750; A 3,375; B * 3,375)
(J.A.C., 2019)
drawings
29. Sanatan and Naraya​

Answer 1

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